Political Quotes

“Mr. President, 4 years ago today, the Federal minimum wage increased to $7.25 per hour. That was the final phase of a minimum wage increase that Congress passed in 2007. After 4 years, it is time to evaluate where wages stand. Since 1967, the Federal minimum wage has increased from $1.40 to $7.25. While at first glance this seems like significant progress, when adjusted to current dollars the value of the minimum wage has actually declined by 12.1 percent. Had the minimum wage kept pace with inflation, it would be $10.74 an hour today. But the minimum wage for tipped workers is even worse. The current minimum wage for tipped workers is $2.13, and that has not gone up since 1991. Employers paying the tipped minimum wage now pay just 21 percent of what that employee would make at minimum wage. This forces workers to use more and more of their tips simply to make up the difference between the tipped minimum wage and the standard minimum wage. Working 40 hours per week at $7.25 per hour translates to just $15,080 per year. That's about $400 less than the Federal poverty level guidelines for a family of two. Last week, The Atlantic ran an article that showed a budget chart produced by McDonald's to help its employees better manage their finances. And while I commend McDonald's for trying to help workers better manage money, the budget tells a sad story.…”